Credit Corp

JANUARY 5, 2021

From early January to mid-February, you might receive a number of tax documents in the mail. Discover why you would receive such a form and what the IRS expects you to do with it. Make sure to consult with your tax professional for your specific situation. The IRS considers that to be income in many cases.

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Collection Industry News

NOVEMBER 11, 2022

A temporary tax break for small businesses has spawned a cottage industry of advisory firms tapping into federal pandemic aid, raising alarms at the Internal Revenue Service that some claims are going beyond what the law allows. Businesses can claim up to $26,000 per employee in refunds by amending payroll tax returns from 2020 and 2021.

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Credit Corp

APRIL 1, 2021

Update : Due to the pandemic, the IRS has extended the tax deadline for the 2020 tax year from April 15, 2021 to May 17, 2021. This only applies to individual federal income returns and tax payments, not a state’s income tax deadline, including state payments or deposits. . Tip 1: Check Your Filing Status.

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Banks Education 98

Burr Forman

AUGUST 12, 2020

State Tax Appeal Procedures for State Property Tax Assessments and Property Tax Exemptions Administered by the Department of Revenue. The post SCDOR Issues New Guidance on South Carolina Tax Appeal Procedures appeared first on Burr & Forman.

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Burr Forman

AUGUST 17, 2020

One CARES Act relief provision offered the deferral of certain payroll taxes. In particular, Section 2302 provides that employers may defer the deposit and payment of the employer’s portion of the Social Security taxes arising between March 27, 2020, and December 31, 2020 (the “Employer Deferral”).

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Credit Corp

FEBRUARY 9, 2024

After a long year, tax season is finally upon us. You’re probably getting all your ducks in a row—collecting all the information you need, choosing your tax software, and so on. If you’re a homeowner, you might be able to catch a few tax breaks—but can you get a tax break for buying a house?

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Construction Government Loans Collections 52

Collection Industry News

OCTOBER 11, 2021

Supporters contend bank customers would face no new obligations while giving the IRS more information to pursue tax cheats, primarily among the wealthy. They hope to close a tax gap estimated at around $600 billion annually. The IRS wouldn’t receive details on individual transactions but, rather, gross yearly totals.

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Burr Forman

SEPTEMBER 8, 2020

PPP loans under the CARES Act are being audited by the SBA. All PPP loans over $2 million will be audited, and many more under $2 million will be audited as well. Applying for forgiveness of a PPP loan increases the likelihood of an audit. Many of these SBA audit decisions will be wrong and must be appealed.

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Burr Forman

NOVEMBER 16, 2020

Burr & Forman has a dedicated team to counsel individuals and businesses in government audits, investigations and defense-related to the Paycheck Protection Program (PPP) and Coronavirus Aid, Relief and Economic Security (CARES) Act. More information can be found at www.burr.com.

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Burr Forman

DECEMBER 23, 2020

Provides $600 stimulus credits, in the form of advance tax credits, to individuals and for qualifying children (under 17). Extended the repayment deadline for payroll taxes deferred pursuant to Presidential Memorandum from April 31, 2021 to December 31, 2021. Numerous changes and extensions of targeted credits and incentives (e.g.

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Student loans Student Loans Loans Government 52

Burr Forman

JANUARY 26, 2021

PPP loans received by individuals and businesses under the CARES Act will be audited (“reviewed”) by the SBA. The new Economic Aid Act also requires the SBA to submit a forgiveness audit plan within 45 days after enactment and report updates every 30 days thereafter. Many PPP loans of less than $2 million will be audited as well.

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Loans Banks Government Collections 52

Burr Forman

NOVEMBER 9, 2020

Burr & Forman has a dedicated team to counsel individuals and businesses in government audits, investigations and defense-related to the Paycheck Protection Program (PPP) and Coronavirus Aid, Relief and Economic Security (CARES) Act. More information can be found at www.burr.com.

Loans 52

Loans Government 52

Burr Forman

DECEMBER 7, 2020

Burr & Forman has a dedicated team to counsel individuals and businesses in government audits, investigations and defense-related to the Paycheck Protection Program (PPP) and Coronavirus Aid, Relief and Economic Security (CARES) Act. More information can be found at www.burr.com.

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Loans Government 52

Better Credit Blog

JANUARY 26, 2022

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Burr Forman

APRIL 1, 2021

Matt is recognized in the area of construction while Erik is recognized for his tax articles. Erik regularly advises the firm’s individual, corporate and international business clients on federal, state and local tax issues. Prior to joining the firm, Erik was an attorney with the IRS Office of Chief Counsel and the U.S.

Construction 76

Construction Manufacturing Banks Loans 76

Credit Corp

JANUARY 10, 2021

It’s the most wonderful time of the year—time to receive your tax documents! Ok, maybe it’s not the most wonderful time of the year, but it is an important time to keep an eye on your mailbox for documents marked “important tax return document enclosed.” What Does “Important Tax Return Document Enclosed” Mean?

Student loans 85

Student loans Student Loans Government Loans 85

Burr Forman

OCTOBER 5, 2020

Erik is a business lawyer, with the skills of a tax litigator and is a Partner in the firm’s Columbia office. Prior to joining the firm, Erik was an attorney with the IRS Office of Chief Counsel and the U.S. Department of Justice, Tax Division.

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Credits Inc

DECEMBER 31, 2019

This benefits your business by giving proof of attempts that can then be used to claim the debt as a deduction when you file taxes. These documents show the IRS that multiple legitimate attempts were made before you claimed the deduction. Faster Payments. Business debt collection services also tend to make people pay faster.

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Credits Inc

JANUARY 3, 2020

In the event that payment is unable to be secured, a professional debt collection service can provide additional support that can allow you to deduct the lost amounts during taxes. This allows you to retain proof in the event you decide to claim a tax deduction based on the lost payments. Improved Documentation.

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Burr Forman

NOVEMBER 9, 2020

Through the submission of this form to lenders, and by the lender to the SBA, the SBA will essentially begin a “pre-audit” review of borrowers with PPP loans of $2 million or more, seeking information from each borrower about whether there was “economic necessity” for the loan. The SBA can ask for more/follow-up information.

Loans 40

Loans Lender Government Trade 40

Credit Corp

MAY 6, 2021

On the upside, you can write off many of your expenses on your tax return. That’s why it’s a good idea to consult a tax professional before diving into the freelance pool. Any education, courses, computers, equipment needed to start making money as a freelancer is a tax write-off. Tax-Time Comes Every Day, Not Annually.

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Financial Institution Education Banks Loans 91

Burr Forman

AUGUST 28, 2020

Burr & Forman has a dedicated team to counsel individuals, businesses and financial institutions in government audits, investigations and defense related to the Paycheck Protection Program (PPP) and Coronavirus Aid, Relief and Economic Security (CARES) Act.

Loans 45

Loans Financial Institution Government 45

Burr Forman

JULY 21, 2021

President Biden has proposed major changes to the Federal tax laws, some of which are sought to be effective earlier in 2021 (i.e., As Congress is now considering these tax law change proposals, the following is a summary of some of the most important: Increase the corporate income tax rate from 21% to 28%.

Trade 59

Trade Loans 59

Burr Forman

JANUARY 11, 2021

Burr & Forman has a dedicated team to counsel individuals and businesses in government audits, investigations and defense-related to the Paycheck Protection Program (PPP) and Coronavirus Aid, Relief and Economic Security (CARES) Act. More information can be found at www.burr.com.

Loans 52

Loans Financial Institution Trade Government 52

Fraser

JUNE 5, 2020

Payroll Tax Deferral: The Act allows businesses that took a PPP loan to also delay payment of their payroll taxes, which was prohibited under the CARES Act. McCord has more than 20 years of tax litigation experience, including serving as a clerk on the U.S. Tax Court and as a judge of the Michigan Tax Tribunal.

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Loans Lender Government 66